The global Adhesives and Sealants Market is set to grow at a CAGR of 3.8% from 2024 to 2031, reaching $87.2 billion by the end of the forecast period. This growth can largely be attributed to the increased demand in the building & construction and healthcare industries, where adhesives and sealants are essential for various applications. However, fluctuations in the cost of raw materials present a significant challenge, potentially hindering growth.
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New opportunities are emerging, especially in developing economies, where investments in construction and packaging are on the rise. Strict process controls in adhesive production remain a challenge for companies looking to scale and innovate.
Key Product Segments
The market is split into two major segments: adhesives and sealants. Adhesives are expected to dominate in 2024, accounting for 80% of the market. The increasing use of adhesives in the paper & packaging sector, along with growing healthcare applications, is driving this dominance. Adhesives are widely recognized for their versatility, strength, durability, and ability to provide superior bonding.
Leading companies, like H.B. Fuller, are pushing the boundaries of innovation in adhesive technologies. In early 2023, they introduced a new bio-compatible adhesive for medical use, designed to perform effectively under high-temperature conditions, adding to their already strong portfolio of adhesive products.
Application Breakdown
The adhesives and sealants market is also segmented by industry applications. The paper & packaging sector is expected to maintain the largest share at 30%, driven by the need for better packaging solutions that offer improved moisture protection, enhanced aesthetics, and extended product shelf life.
Despite the dominance of the paper & packaging segment, the building & construction sector is projected to grow at the fastest rate during the forecast period, supported by rapid technological advancements and the increasing use of adhesives to fill cracks and joints, enhancing the structural integrity of buildings.
Regional Dominance of Asia-Pacific
Asia-Pacific is expected to lead the adhesives and sealants market, accounting for 37% of the global share in 2024. This growth is driven by the region's increased adoption of adhesives in automotive and packaging applications, as well as significant investments in infrastructure development. The region is also home to key industry players like DuPont and Henkel, who are expanding their operations in Asia.
DuPont opened a new production facility in Zhangjiagang, China, in September 2023 to focus on providing adhesive solutions for the growing electric vehicle market. Henkel, too, has expanded its presence in Asia with the construction of an Adhesive Technologies Innovation Center in Shanghai, aimed at developing new adhesive and sealant solutions for industries across the region.
Leading Companies
The adhesives and sealants market is highly competitive, with major players including Cabot Corporation, Ashland Global Holdings, Avery Dennison, H.B. Fuller, Henkel, and Huntsman Corporation, among others. These companies are investing in research and development to bring innovative products to market and improve efficiency across various industries.
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